In a major development, digital financial services firm Paytm said its revenue for fiscal year ended March 31, increased to Rs 3,629 crore. The revenue surged by rise in number of transactions across various segments and POS. It also said losses have narrowed by 40 per cent on a year-on-year basis.
“Our efforts have started reflecting in the strong adoption of more profitable services by our consumers and merchants,” Paytm President Madhur Deora.
“We are on path to become profitable by 2022. Paytm is also moving its efforts to become a dominant digital financial services platform with Paytm Postpaid, Paytm Money and Paytm Insurance services contributing an increased turnover in the coming fiscal years,” Deora said.
Paytm has expanded its financial services with lending, wealth management and insurance segments, which the company claims have opened up new revenue streams.
Paytm expects significant push in recently launched stock trading segment on its online investment and wealth management platform Paytm Money and expects to get traction of both experienced as well as first-time investors.
The home grown firm said that it is investing heavily in hiring new talent even during this ongoing pandemic and is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles.